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Wednesday, 10 October 2012

Central Warehousing Corporation Presents Dividend of Rs 14.97 Crore

New Delhi:(Page3 News Network)-The Central Warehousing Corporation (CWC) has declared 40% dividend for the year 2011-12. A cheque of Rs. 14.97 crore was presented to Prof. K.V. Thomas, Minister for Consumer Affairs, Food & Public Distribution here today as the dividend due to the Government of India by MD, CWC, Shri B.B.Patnaik .The central warehousing corporation (CWC) achieved yet another record turnover of Rs. 1219 crore during 2011-12 as against Rs. 1030 crore achieved during the preceding year registering a growth of 18.35%. This could be possible due to addition of constructed storage capacity by 2.09 lakh MT and increase in overall capacity utilization (occupancy) to 91% as against 88% achieved during previous year. Keeping in view the national priority for safe preservation of foodgrains procured for Central Pool utilization of capacity for storage of foodgrains was given adequate attention which increased from 54% during 2010-11 to 57% in 2011-12. CWC handled 11.55% lakh TEUs during 2011-12. CWC also achieved highest ever Gross Margin of Rs. 305 crore as against Rs. 237 crore during 2010-11, registering a growth of 29%. Complimenting the CWC, Prof. Thomas said that inspite of the economic slowdown and increase in establishment cost due to provisioning of Rs.100 crore for introduction of Pension Scheme for the employees with effect from 1.1.2007, CWC achieved a profit Before Tax (PBT) of Rs.159.12 crore and has declared dividend at the rate of 40% second time in the row. The Minister said that it is significant that during the current financial year, CWC has plans to construct storage capacity of about 2.50 lakh MT with a financial outlay of Rs. 125 crore in 12 states mainly for storage of foodgrains. It also has plans to commence operations of Private Freight Terminals at its rail-based facilities at Bamanheri(UP) and Nabha (Punjab). Besides operating Land Custom Station at Petrapole (West Bengal), CWC is operating the Cargo Terminal of Integrated Check Post (ICP), at Attari (Punjab) on the Indo-Pak Border since April 2012 and assisting in the border trade, he noted.